The owner of the Apple Card reported that Apple has finally expanded the number of reports it reports to credit reference agencies, claiming that Apple-branded credit cards are beginning to appear on Experian-generated credit reports,media reported. So far, Apple’s reporting of consumer balances has been limited to TransUnion, a credit agency, and neither Experian nor Equifax has reported them. Although this has been going on for months, the company now appears to be reporting to more agencies.
An Apple Insider reader using Apple Card says they’ve noticed a change in their Experian credit report, which appeared on July 19 when they checked their report. Searches on Reddit showed that this affected a number of users, and posts on the r/AppleCard Reddit sub-section showed that other users of the site had seen the details in their reports since July 18.
The discussion over Apple Card’s credit reporting practices intensified last October amid reports that Apple was rolling out reports to other agencies. However, a source within Apple who was not authorized to speak on behalf of the company told Apple Insider that the report was “inaccurate” and that the reporting mechanism was in effect. The source added that some customers are currently reporting, but once fully deployed, “everything will be reported.”
While credit card companies typically provide reports to credit reference agencies, they do not require this other than to provide data to the systems on which credit card companies rely. In December, Goldman Sachs, Apple Card’s partner, confirmed that it had reported to TransUnion, a credit agency mentioned in Apple’s supporting documents on the credit card, but did not appear to mention other major institutions. It is unclear whether equifax has carried out the same report.
The report could have an impact on a customer’s credit score, as it actually adds an additional creditor to a list that the customer already has. Customers’ history of using Apple Card, such as the amount of payments and usages and the age of their account, is likely to force Experian to change the user’s rating, although this may be a positive or negative impact depending on the situation.